Entersekt
Security in Mobile-First World

Entersekt and ebankIT Partner to Bring Integrated Context Aware™ Authentication to Banking and Credit Union Customers

Thursday, October 26, 2023

Advanced Multi-Factor Authentication with Biometrics built into digital banking platform for modern fraud protection, contact center cost savings, and optimal user experience

LAS VEGAS, USA, Entersekt and ebankIT unveiled their new partnership and integrated solution, which adds Entersekt’s Context Aware™ Authentication capabilities to ebankIT’s omnichannel digital banking platform. The combined technologies offer banks and credit unions the option of advanced biometric authentication and protection against many modern account takeover fraud schemes, while simultaneously reducing contact center operational costs.

Entersekt provides a single, cross-channel platform for secure, frictionless, Context Aware™ Authentication of customers and payments. The company’s approach to smooth, customizable user experiences enables financial institutions (FIs) to provide safer authentication alternatives to SMS one-time passcodes, which have seen an alarming uptick in exploits over the last year. Context Aware™ Authentication introduces the next generation of authentication to protect customers against modern attacks and evolving account takeover fraud, ACH and wire fraud, device takeover fraud, and more.

ebankIT is an omnichannel digital banking platform, ready to integrate with any core system, and focused on creating an interactive digital experience. FIs future-proof their strategies while customers enjoy the best user experience throughout every stage and touchpoint.

The fully integrated solution brings together two disruptive technologies in the financial services space into one modern digital banking platform built to provide unprecedented user experiences and modern fraud protection for banks and credit unions across retail, commercial, and small business customers.

“Forward-looking digital banking providers are recognizing the evolving threats and financial impact of fraud on their institution and their customers,” says Schalk Nolte, CEO at Entersekt. “A core tenet of our go-to-market strategy is partnering with, and enabling, leading digital banking platforms like ebankIT with the most advanced authentication technologies on the market today.”

“ebankIT and Entersekt have a common vision of future-proofing digital banking capabilities for banks and credit unions,” added Renato Oliveira, CEO of ebankIT. “This partnership brings together two best-in-class providers under one advanced solution that offers unmatched digital capabilities and fraud protection to FIs around the world.”

Entersekt Acquires Modirum 3-D Secure Payment Solutions to Accelerate Global Expansion

Thursday, January 04, 2024

ATLANTA-- Entersekt, the financial authentication company, today announced it has acquired the Modirum 3-D Secure software business from Modirum, a digital payment security provider.

Modirum is a leader in enabling authenticated, card-not-present payments with a history dating back 25 years. Modirum’s cloud-based 3-D Secure (3DS) technologies and services authenticate digital payment transactions globally in numerous payment systems, hundreds of issuers, and thousands of merchants, as well as enable 3DS transactions for hundreds of millions of cardholders. With this acquisition, Entersekt will expand its customer base and will secure over 2.5 billion transactions per year, giving it a compelling global footprint and a clear technology advantage of a solution spanning across digital, payment and data channels of issuers, acquirers, and merchants.

“Financial institutions are fighting to stay ahead of fraud threats, and are dependent on disparate, siloed authentication tools used for various banking channels – resulting in inconsistent user experiences and vulnerabilities in their fraud prevention strategies,” said Julie Conroy, Chief Insights Officer at Datos Insights. “The combination of Entersekt’s authentication capabilities with Modirum’s 3DS products promises to provide consumers with a consistent, cross-channel user experience and powerful protection against the latest fraud schemes.”

“The combined capabilities of Entersekt and Modirum will allow us to offer a wider set of solutions and provide our customers with more data sources to use when protecting against fraud,” said Schalk Nolte, co-founder and CEO at Entersekt. “At the same time, we are expanding the types of markets and customers we can serve, enabling us to scale globally and grow faster. Entersekt is how the financial world can access one cross-channel platform for secure, frictionless, Context Aware™ Authentication of customers and payments alike.”

Entersekt will add Modirum’s 3DS solutions to its Entersekt Secure Platform for transaction authentication, and the Modirum 3DS team will join the company. The acquisition accelerates product development, expands Entersekt’s existing product offering and bolsters the company’s ability to scale and support customers around the world, while adding a highly skilled team. Modirum also brings an impressive list of customers that increases Entersekt’s market share of financial institutions offering 3DS. The combined offering becomes the most advanced solution available for financial institutions on the market today, providing Context Aware™ Authentication that protects digital payment transactions against continuously evolving fraud threats.

For 13 years, Entersekt has helped financial institutions reduce fraud losses, grow revenue, maintain regulatory compliance, and deliver better customer experiences. With Entersekt’s customer and digital transaction authentication solutions, financial institutions can:

• Increase their revenue with higher transaction success rates.

• Reduce risk and fraud by replacing outdated one-time passcodes with passwordless alternatives.

• Save on costs by reducing unnecessary contact center activity and avoiding non-compliance fees.

• Expand and retain their customer base with optimal, personalized user experiences that ensure trust.

Modirum was founded in 1997 by CEO Jari Heikkinen and other founding partners. Headquartered in Tallinn, Estonia, Modirum has staff across 18 countries worldwide. With a global presence spanning over 50 countries, Modirum’s solutions are utilized by more than 100,000 merchants, hundreds of card issuer banks, and over 100 million cardholders. Processing over 2 million transactions daily through its own data centers, Modirum has a strong presence in Northern Europe and enables secure payments for millions of customers daily.

“We are pleased to align our 3DS solution and talented team under one unified brand, Entersekt, to meet the market’s growing demand for an integrated digital payment security platform,” said Modirum CEO Jari Heikkinen. “While major players in this industry focus on either online payment or customer authentication, Entersekt delivers amplified strengths in both areas through a single offering. By converging these key fraud prevention capabilities and breaking down silos, Entersekt enables higher transaction success rates, reduced false declines, and less fraud for financial institutions, and an improved experience for consumers overall.”

Standard Bank South Africa’s Corporate and Investment Banking Division played a key role in Entersekt’s strategic acquisition of the Modirum 3DS business as the sole mandated lead arranger for the debt portion of the deal. This transaction aligns with Standard Bank’s strategy to support businesses to scale globally.

Entersekt Closes Record Year of Growth and Expansion

Wednesday, August 07, 2024

ATLANTA & CAPE TOWN, South Africa-- Entersekt, The Financial Authentication Company, announced today that it achieved unprecedented growth in its 2024 fiscal year, driven by the continued adoption of its innovative authentication solutions. Financial institutions worldwide are increasingly choosing Entersekt as their partner to fight digital banking account takeover (ATO) fraud and card-not-present (CNP) payment fraud. The company has secured over 2.5 billion transactions over the past year, protecting its financial institution (FI) clients and their end customers from fraud losses and financial scams. The fiscal year ends with tremendous momentum fueled by the combination of its recent acquisition, strategic partner expansion, award-winning technology innovation, and additional executive hires and board appointments.



“FY24 was a remarkable year for Entersekt as we strengthened our financial position with both top-line and bottom-line growth,” said Schalk Nolte, CEO of Entersekt. “Our strategic channel and reseller partners have provided an ability to expand into new geographies and reach more top tier financial institutions, while our Context Aware™ Authentication technology for digital banking fraud prevention and payment security is being recognized as both innovative and market-leading.”



According to Liminal's upcoming ‘Link Index on Account Takeover (ATO) Protection for Financial Services,’ 60% of FIs say online fraud losses are increasing and phishing attacks are up 67%, accounting for 25.1% of all financial losses from ATO incidents. Additionally, Datos Insights reports that CNP fraud continues to grow and will reach $12.9B in the US by 2026. Entersekt is leading the fight against these financial fraud attacks with its digital banking authentication and payment security solutions.



Entersekt FY24 news and highlights:



Record growth in revenue driven by new clients: Entersekt’s record growth in revenue was driven by a substantial increase in new clients in North America this past year.



Scaling global presence: Entersekt protects nearly 900 banks, credit unions, payment processors and card networks globally, including four of the six biggest payment companies in the world as well as several of the top 10 banks in the US, Africa, and Europe. The company now employs over 300 people around the world, including in the US, South Africa, Europe, UAE, Philippines, and Pakistan.



Acquisition of Modirum 3-D Secure Solutions: In December 2023, Entersekt completed its acquisition of the Modirum 3-D Secure software business from Modirum, making Entersekt one of the top five 3-D Secure solution providers in the world.



Expanded Mastercard partnership: In addition to expanding its reseller relationship, Entersekt was a featured partner in Mastercard’s Scam Protect initiative to help identify and prevent payment scams, announced in April 2024.



Accelerated digital banking authentication adoption: In its fourth quarter of FY24, Entersekt went live with five new Q2 digital banking clients for customer authentication, including Chartway Federal Credit Union, adding over 250,000 consumers to its platform.



Strategic partners drive growth and expansion: In November 2023, eBankIT became the second digital banking platform to partner with Entersekt, while reseller partnerships with multiple fintechs delivered strong performance across European and Latin American markets.



Industry veterans added to Entersekt Board: Former Cardinal Commerce CEO and founder Tim Sherwin joined Entersekt’s Board of Directors in April 2024, and Jon Roskill, former Acumatica CEO and Microsoft executive, was added in 2023, strengthening executive and advisory experience in the payment fraud prevention space on the Entersekt board.



Chief Operating Officer joins: In January of 2024, Tina Williams joined Entersekt as its Chief Operating Officer, based in Atlanta, Georgia, to expand the customer success function while leading its global support and delivery teams. Tina is a specialist in customer experience and B2B SaaS software and brings over 20 years of experience in managing results- and data-driven teams.

Entersekt Closes Record Year of Growth and Expansion

Wednesday, August 14, 2024

ATLANTA & CAPE TOWN, South Africa: Entersekt, The Financial Authentication Company, announced today that it achieved unprecedented growth in its 2024 fiscal year, driven by the continued adoption of its innovative authentication solutions. Financial institutions worldwide are increasingly choosing Entersekt as their partner to fight digital banking account takeover (ATO) fraud and card-not-present (CNP) payment fraud. The company has secured over 2.5 billion transactions over the past year, protecting its financial institution (FI) clients and their end customers from fraud losses and financial scams. The fiscal year ends with tremendous momentum fueled by the combination of its recent acquisition, strategic partner expansion, award-winning technology innovation, and additional executive hires and board appointments.

“FY24 was a remarkable year for Entersekt as we strengthened our financial position with both top-line and bottom-line growth,” said Schalk Nolte, CEO of Entersekt. “Our strategic channel and reseller partners have provided an ability to expand into new geographies and reach more top tier financial institutions, while our Context Aware™ Authentication technology for digital banking fraud prevention and payment security is being recognized as both innovative and market-leading.”

According to Liminal's upcoming ‘Link Index on Account Takeover (ATO) Protection for Financial Services,’ 60% of FIs say online fraud losses are increasing and phishing attacks are up 67%, accounting for 25.1% of all financial losses from ATO incidents. Additionally, Datos Insights reports that CNP fraud continues to grow and will reach $12.9B in the US by 2026. Entersekt is leading the fight against these financial fraud attacks with its digital banking authentication and payment security solutions.

Entersekt FY24 news and highlights:

Record growth in revenue driven by new clients: Entersekt’s record growth in revenue was driven by a substantial increase in new clients in North America this past year.

Scaling global presence: Entersekt protects nearly 900 banks, credit unions, payment processors and card networks globally, including four of the six biggest payment companies in the world as well as several of the top 10 banks in the US, Africa, and Europe. The company now employs over 300 people around the world, including in the US, South Africa, Europe, UAE, Philippines, and Pakistan.

Acquisition of Modirum 3-D Secure Solutions: In December 2023, Entersekt completed its acquisition of the Modirum 3-D Secure software business from Modirum, making Entersekt one of the top five 3-D Secure solution providers in the world.

Expanded Mastercard partnership: In addition to expanding its reseller relationship, Entersekt was a featured partner in Mastercard’s Scam Protect initiative to help identify and prevent payment scams, announced in April 2024.

Accelerated digital banking authentication adoption: In its fourth quarter of FY24, Entersekt went live with five new Q2 digital banking clients for customer authentication, including Chartway Federal Credit Union, adding over 250,000 consumers to its platform.

Strategic partners drive growth and expansion: In November 2023, eBankIT became the second digital banking platform to partner with Entersekt, while reseller partnerships with multiple fintechs delivered strong performance across European and Latin American markets.

Industry veterans added to Entersekt Board: Former Cardinal Commerce CEO and founder Tim Sherwin joined Entersekt’s Board of Directors in April 2024, and Jon Roskill, former Acumatica CEO and Microsoft executive, was added in 2023, strengthening executive and advisory experience in the payment fraud prevention space on the Entersekt board.

Chief Operating Officer joins: In January of 2024, Tina Williams joined Entersekt as its Chief Operating Officer, based in Atlanta, Georgia, to expand the customer success function while leading its global support and delivery teams. Tina is a specialist in customer experience and B2B SaaS software and brings over 20 years of experience in managing results- and data-driven teams.